Noble Financial Upgrades Bitcoin Depot (NASDAQ:BTM) to Strong-Buy

Noble Financial upgraded shares of Bitcoin Depot (NASDAQ:BTM) to a strong-buy rating in a report published on Thursday, Zacks.com reports.

Separately, HC Wainwright dropped their price objective on shares of Bitcoin Depot from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday, August 15th.

Bitcoin Depot Stock Performance

BTM opened at $1.56 on Thursday. The company has a debt-to-equity ratio of 9.33, a quick ratio of 1.16 and a current ratio of 1.16. Bitcoin Depot has a 52-week low of $1.33 and a 52-week high of $3.70. The firm has a market cap of $93.00 million, a P/E ratio of -0.83 and a beta of -0.35. The business’s fifty day moving average is $1.59 and its 200-day moving average is $1.72.

Bitcoin Depot (NASDAQ:BTM) last posted its quarterly earnings results on Thursday, August 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.16). Bitcoin Depot had a negative return on equity of 307.37% and a negative net margin of 3.10%. The firm had revenue of $163.07 million for the quarter, compared to analyst estimates of $148.49 million. Sell-side analysts expect that Bitcoin Depot will post -0.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Bitcoin Depot news, major shareholder Andrew Mitchell Paul acquired 19,422 shares of the stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $1.54 per share, with a total value of $29,909.88. Following the transaction, the insider now owns 19,422 shares in the company, valued at approximately $29,909.88. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Andrew Mitchell Paul acquired 19,422 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $1.54 per share, for a total transaction of $29,909.88. Following the purchase, the insider now directly owns 19,422 shares of the company’s stock, valued at $29,909.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Christopher Scott Buchanan sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.56, for a total transaction of $31,200.00. Following the transaction, the chief operating officer now owns 241,276 shares in the company, valued at $376,390.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 155,786 shares of company stock valued at $257,817 and sold 70,100 shares valued at $109,637. 20.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Bitcoin Depot

A number of institutional investors have recently modified their holdings of the company. Privium Fund Management UK Ltd acquired a new stake in shares of Bitcoin Depot in the 1st quarter worth about $60,000. Renaissance Technologies LLC increased its holdings in Bitcoin Depot by 122.1% during the 2nd quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock worth $85,000 after purchasing an additional 26,000 shares in the last quarter. Finally, Shaolin Capital Management LLC raised its stake in shares of Bitcoin Depot by 7.6% in the first quarter. Shaolin Capital Management LLC now owns 699,600 shares of the company’s stock worth $1,326,000 after purchasing an additional 49,600 shares during the last quarter. 9.18% of the stock is owned by institutional investors and hedge funds.

About Bitcoin Depot

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.